5:15pm- YU CEORahul Sharma comes on stageto talk about the new product. Reveals the product name Yunique. Runs hashtag #Yunique.

Micromax's online-only sub-brand YU Televentures is making heads turn with its rapid and sensible expansion of product portfolio in India. After building a strong base in the budget smartphone market, the India-based company has just launched a palm-sized instant printer. Now, at a grand event in New Delhi, YU is expected to launch a new affordable smartphone, but rumours suggest two new phones could be unveiled at the event.

YU leaked quite a few teasers ahead of the launch event. The company's invites for the event read "When Future Meets Past – The Next Wonder Will Be Unveiled." Further, the company teased the event on Twitter with a picture of Mona Lisa holding a selfie stick. All these teasers pointed towards a new camera-centric smartphone.

But a recent leak on Zauba.com, an India-based export-import logistic website, revealed that two new smartphones, including a high-end YU YU5050 with Snapdragon 810 chipset and 4GB RAM, are in the offing today.

The mystery will be put to rest when YU commences the event shortly. We are keeping a close watch at the event and we will get you live coverage of the YU smartphone launch as it happens in New Delhi.